Every so often it is good to take stock of where the property market currently stands.
With that in mind it was interesting to hear Lisney’s views when they hosted a Property Investment Seminar earlier this week in conjunction with their global partners Cushman and Wakefield.
Aoife Brennan of Lisney gave a particularly interesting presentation at the seminar on the current state of the property market.
Indeed, she gave an opinion in relation to the current mortgage interest relief deal which comes to a close at the end of the year that would not have been what you might expect from a major estate agency.
According to Lisney’s research, the number of cash buyers in the market nationwide is currently as high as 45%. While they believe that figure to be slightly higher in Dublin, it is still a massive leap from the 2010 figure of 12%.
With that in mind, Lisney believe that the current extension of mortgage interest relief has not been a “major factor” in the recent growth in property transactions.
She said: “While those currently at sale agreed stage want to get it we feel that because there are so many cash purchasers, it doesn’t affect a lot of people anyway.”
Aoife admitted, however, that this was something that both Lisney and the property market in general would have to monitor going into 2013.
Of perhaps more significance to Lisney was the problem in relation to stock.
Their research revealed that in Dublin, the amount of available properties on the market has fallen by 48% and is continuing to fall by 3% to 5% per month.
Indeed, areas such as Dublin 14, Dublin 16, Dublin 12 and Dublin 6 have all seen their stock fall by 60% or more.
That means that there is very little choice for people looking to buy. That problem, unfortunately, does not look like improving any time soon with many people bound to their current residence because of negative equity and many more afraid to move incase they lose their tracker mortgages.
We will have more from Lisney in the coming days but for now we’d like to get your opinion on the current state of the market.
Would the extension of mortgage interest relief make a big difference to you if you were considering buying? And is the stock out there at present suitable enough for the typical first time buyer or for families looking to expand?
Let us know in the comments below.